All Forum Posts by: Yesenia Padilla

I live in california and cant seem to find an insurance agent who will allow me to add my PM as an additional insured. I am looking for insurance carriers who will allow it. @todd smith or anyone else have a list of carriers you would recommend?

I have an off market deal for 2 house on 1 lot property in a c type neighborhood. I plan on holding on and renting both units out. The back unit was gutted so I am not able to get a conventional loan. I found a private lender his terms are

Loan amount 70%

9.99% interest

2% fee

1 year term with no prepayment penalty

I will need to use my heloc to cover the remaining 30%

Purchase price 295k

Arv - 350k - 360k

Rehab - 20k

As soon as we rehab the unit and then get a tenant in there I wanted to refinance to pay private lender back. We were shooting for within 3 months. My normal mortgage lender Can't cash out refinance so I can try and recoup some of heloc until after we owned the property for 6 months. Are there lenders out there who will allow a cash out ref sooner then 6 months? Is paying the interest rate of the hml and heloc for 6 months not an very smart or good idea? Are they other options that I'm not thinking of?

I'm beyond excited that this may be my first off market deal but I am also very nervous. I've done a lot of due diligence but I'm no expert and want to make sure I'm not missing anything and or making a bad investment decision.

Sorry for long post. Hope I made sense. Thanks in advance for your help guys/gals.

@Anthony Gjolaj no she isnt in pre foreclosure. She was mid rehabbing one of the units and decided it was going to be way to much work for her to finish. It was her and her boyfriend doing the work.

@Tahra Wright thank you. Offering better terms is a great idea. I appreciate your help.

I recently got a call back on a letter I mailed out. Owner is set on a price but I am actually really interested in purchasing the property and holding on to it for a rental. It's a 2 house on 1 lot, up in coming neighborhood, back house needs to be rehabbed so I cant get a conventional loan. Arv is roughly 340k, she owes 70k. She wants 325k. Needs about 15k in work before a lender will lend on it. Trying to think of ways I can save owner money so she will reduce price. Other then doing a fsbo how should I try and negotiate this deal? I ran numbers and the deal would make sense for me if I can get it for under 300k but preferably trying to get it around 290k. Thank you in advance for your help.

@Cassi Justiz thank you. I appreciate it. I have a good list going so my fingers are crossed the updates that were done will add enough value.

I am in the process of a refinance for one of my investment properties. My appraisal is scheduled, I am meeting the appraiser tomorrow and would like to provide a list of updates that were done. I really need the property to appraise at a certain amount for the refi. On the list I want to include a column that lists the value added, but I am unsure of what that amount would be, how would I determine that amount?. I'm located in northern California. Any advice, suggestions would be greatly appreciated.

@Jessica Kirby I recently obtained a HELOC on a rental through BanK of the West. Took about 30 days.

@Jaysen Medhurst thank you for taking the time to reply. I will start with reaching out to the bank I did the helocs through and asking them about rates and payments if I convert to fixed. Once i get that info I'll plug into my calculations when analyzing a deal.

I currently own 3 properties, 1 primary and 2 investment properties. I took a heloc out on one investment property and one on my primary. I am planning to use the heloc on the investment property first for a down payment on another investment property. When analyzing a deal using the BP buy and hold calculator it doesnt include loan costs on the down payment if you are not using your own cash. What is the best way to anayalze deals if your doing 80% conventional and 20% is coming from a HELOC.?

Also is using a HELOC considered creative financing (I keep reading about creative financing, just unsure if HELOCS fall In that category)

Lastly I am looking to connect with another buy and hold investor who would be willing to look at my current situation and give ideas on what should be my next move and or what I need to educate myself more on.